Now Reading: Sensex and Nifty open higher as crude oil prices ease
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Sensex and Nifty open higher as crude oil prices ease
Benchmark indices climbed in opening trade on Thursday, 6 August, with the Sensex up 201.43 points at 78,782.43 and the Nifty up 16.35 points at 24,641, Siasat reported, helped by softer crude…
Benchmark indices climbed in opening trade on Thursday, 6 August, with the Sensex up 201.43 points at 78,782.43 and the Nifty up 16.35 points at 24,641, Siasat reported, helped by softer crude prices and buying interest in Reliance Industries. Among gainers were Titan, Reliance Industries and Asian Paints, while Power Grid and Axis Bank lagged. Brent crude traded 0.13 per cent lower at $79.35 a barrel. The move came a day after the Reserve Bank of India's six-member Monetary Policy Committee voted unanimously to hold the repo rate at 5.25% for a fourth straight meeting, keeping its stance neutral while lifting its GDP growth estimate to 6.7% and trimming its inflation forecast to 5%. Foreign institutional investors had offloaded shares worth Rs 943.42 crore on Wednesday, and exchanges have introduced a new Closing Auction Session for stocks carrying futures and options contracts.
Indian Opinion Analysis
The RBI decision carried in the same report is the more durable fact here: a unanimous six-member Monetary Policy Committee held the repo rate at 5.25 per cent for a fourth consecutive meeting, kept the stance neutral, raised the GDP forecast to 6.7 per cent and lowered the inflation projection to 5 per cent, with Governor Sanjay Malhotra saying the next move would be data dependent. Against that, foreign institutional investors sold equities worth Rs 943.42 crore on Wednesday and Asian markets were mixed. The Closing Auction Session became operational on Monday, and the divergence in benchmark indices that Siasat dates from then is the measurable effect to follow.
Source: www.siasat.com
This brief was synthesised by AI from the source linked above.
